(Corrects headline, bullet point, lead and 3rd paragraph after
company spokeswoman clarifies sale is of its entire 18.7 pct
stake, not 18.7 pct of its total stake)
* ICA to sell its 18.7 pct stake in a 760 km highway
* Company looking to raise cash after housing unit sale
MEXICO CITY, June 20 Mexican construction
company ICA said on Thursday it expects to raise almost
$400 million by selling its stake in a highway concession to
funds managed by U.S. investment bank Goldman Sachs.
ICA has been looking to raise cash to help it manage a heavy
debt load and after a recent plan to sell its housing business
Investor relations officer Iga Wolska said the company will
sell its entire 18.7 percent stake in Mexico's Red de Carreteras
de Occidente, a concession of about 760 km of highway.
ICA said it expects to receive 5.073 billion pesos ($394.03
million) through the sale, which is subject to regulatory
Mexico's new government has been slow to announce
infrastructure projects and that has compounded investors'
concern about ICA, sending the company's shares down more than
30 percent this year.
The company is also in the process of selling shares from
its holding in airport operator Grupo Aeroportuario del Centro
Norte to raise about $375 million.
($1 = 12.8748 Mexican pesos)
(Reporting by Elinor Comlay; Editing by Leslie Adler)